MARKET UPDATE FOR THE WEEK ENDING JUNE 29TH, 2016 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale

MARKET UPDATE FOR THE WEEK ENDING JUNE 29TH, 2016

  • Bosley Real Estate
  • 29 June 2016

First we had Brexit and this week we have "schexit" also known as the last day of school (a unanimous vote to leave). For parents it means no more early morning rush to get the kids packed and out of the house. Traffic around the city gets a little lighter even with increased construction. But as we cruise into those hot summer months we have the opportunity to take a bit of a breather from our fast paced lives, take a trip out of town, enjoy some time sitting by the dock or under your favourite patio umbrella...unless you are trying to buy a house, in which case all bets are off.

The freehold sector remained relatively unchanged from the previous week. Listings were only down slightly while sales held the line. Competition for homes is still strong with three out of every four sales happening at or above the list price. While this is frustrating buyers across the 416 that same enthusiasm for home ownership is spreading throughout the province. We have seen multiple offers on homes in Markham, London, Barrie and even little island get-aways in Georgian Bay.

Like the freehold market, the condominium sector is behaving in a similar manner. Listings are down a slight 1% and sales backed off only slightly. This seems in line with the historical trends as we enter the summer months. It is interesting to note that sales at or above the list price continue their scorching pace with a new record 43.1%. Bigger suites in the downtown core, particularly those in the $700k-$1.5m range are recieving the most attention with over half selling above the list price. In our opinion this is a clear indication of shifting trends in the residential market.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Jordan, Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately report on the true temperature of the real estate market.

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NEW HOME CONSTRUCTION SURGES IN BC, ONTARIO AS MORE CONDOS GO UP

New home construction in Ontario jumped by $1.7 billion in April, a 32 per cent increase from the same time last year, according to data released by StatsCan Tuesday.




4 WAYS BREXIT COULD AFFECT CANADIANS

The results of Thursday’s “Brexit” referendum will send ripples around the globe. With the U.K. voting to leave the European Union, the news could hit Canadians on a number of fronts:



GENERATION X IS SQUEEZING BABY BOOMERS OUT OF COTTAGE COUNTRY AS RETIREMENT LOOMS

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NO SUMMER SLOWDOWN IN TORONTO’S HEATED REAL ESTATE MARKET

Toronto-area homeowners who are thinking of selling their properties may not need to wait for the traditional fall market. “I think it’s going to be busy all through the summer,” Patrick Rocca of Bosley Real Estate Ltd., says.



OTTAWA SETS UP WORKING GROUP TO MONITOR HOUSING MARKET

The federal government plans to work with British Columbia and Ontario and the cities of Toronto and Vancouver to keep a close eye on housing markets in those two cities and across the country., Finance Minister Bill Morneau said Thursday.